As we've seen bitcoin get squeezed into an increasingly tighter volatility zone, the tension is building and the bulls are poised to make a run to higher resistance levels. After a rapid rise into the current volatility zone, bitcoin has started to form the flag pattern that has locked it so tightly. As we see the Bollinger Bands coming so close together, a period of vastly increased volatility isn't to be anticipated, but to be expected.
On the 4hr chart, the bulls are challenging the descending resistance line. With three bullish candles (three white soldiers) Bitcoin was able to close over this crucial trend line. Another 4hr candle close would confirm this bull is action and trigger a long position. If the current, active candle can close above that resistance level and find support, it seems that bitcoin will have upside until the $6700 region where the bears are there to meet the rising levels with a harsh resistance level.
Long on btcusd if it closes above, and finds support above the descending trend line.
On the 4hr chart, the bulls are challenging the descending resistance line. With three bullish candles (three white soldiers) Bitcoin was able to close over this crucial trend line. Another 4hr candle close would confirm this bull is action and trigger a long position. If the current, active candle can close above that resistance level and find support, it seems that bitcoin will have upside until the $6700 region where the bears are there to meet the rising levels with a harsh resistance level.
Long on btcusd if it closes above, and finds support above the descending trend line.
Trade active:
Another swing down. Bulls are quick to bring price off of the support level. The apex is nearing...
Comment:
Another note - Short positions over moving average tree and long positions opened under the moving average tree (within oversold zones) have all led to swing trade profits.